5 Million Take Advantage of Balance Transfer Deals
Research by Capital One estimates that 5 million people have used balance transfer deals to save money on their credit card debt
10th May 2004
The latest craze in credit cards is the balance transfer deal. You'd be hard pressed to find a credit card advertised today that doesn't offer some kind of introductory deal or permanently low rate for balances transferred from other cards.
And the credit card companies offer this feature for a good reason - it's extremely popular.
According to research done by Capital One, over 5 million Britons have switched their cards to take advantage of special offers, with around half of those doing it more than once - the so-called serial transferrers.
Rob Habgood of Capital One however warns that transferrers should be aware that after a 0% deal has ended, card switchers may be stung by high interest rates if they haven't paid off their transfer.
The company says their range of 'permanently low rate' platinum cards are the solution to this danger, as while they don't offer 0%, the permanent rates are much lower in the long run.
Other companies also offer similar cards, including Goldfish and the Texaco Card.
|
Products from Capital One : Homeowner Loans, Classic, Easy Access, Fixed Rate Bonds, Guaranteed Access Bond, No Hassle Platinum Card, Platinum, Premier |
|
More Capital One News : Report Calls For ID Fraud Action, Rise of the Flat Rate Card, 1 in 3 Fail to Clear Balance Transfers |
|
More on Balance Transfers: Balance Transfers: 0%, For Life, or Flat Rate? (Article, 28/09/2005), Beware the Balance Transfer Fee! (Article, 05/09/2005), Compare Balance Transfer Credit Cards (Article, 16/06/2004), Balance Transfer Credit Cards (Article, 17/03/2004), Balance Transfers Dwindle in Popularity (News, 07/09/2006), Return of the Annual Fee? (News, 14/11/2005), Egg Profits Boosted by Balance Transfers (News, 27/07/2005), Egg Introduces Balance Transfer Fee (News, 03/05/2005), Rise of the Flat Rate Card (News, 12/04/2005), See all 11 Balance Transfers stories >>> |
Home - Credit Cards
